Russia looks to Norway

Russia will discuss relaxing laws regulating foreign participation in offshore energy projects to attract investment from abroad, Trutnev told Reuters on Saturday. - We will look into this issue first of all in relation to offshore exploration. We believe that state regulation creates many obstacles for exploration.

Trutnev said Russia will look at Norway’s experience in attracting foreign investment in offshore exploration, saying the government and not state-controlled firms should have a say in who gets access to Russia’s resources. As in Norway, the state will maintain overall control of the industry but it is interested in foreign firms as co-investors which could bring new technology to Russia.

Russia should use offshore projects to develop other industries, the minister said: - We can use this God’s gift to develop machine building, pipe production and other industries, producing everything that we are importing today.

The government could help to create consortiums with foreign participation, he noted. Russia would offer more attractive energy fields at upcoming auctions and seek to group licenses into larger blocks to create better conditions for building infrastructure, he added.